(a) Every person anticipating any taxable income not subject to the provisions of Section 191.09 (Collection at Source), or who engages in any business, profession, enterprise, or activity subject to the tax imposed by Section 191.06, shall file a declaration setting forth the estimated annual income, or the estimated profit or loss from such business activity, together with an estimate of the amount of tax due thereon. The declaration shall be filed quarterly upon a form furnished or obtainable from the Tax Administrator, or on other forms deemed acceptable by the Tax Administrator. The estimated amount of tax due annually may be amended each quarter to reflect the tax due under this chapter.

(b) The declaration shall be accompanied by a payment of at least one-fourth of the estimated annual tax for such year and shall be paid on or before the due dates as follows:

(1) Effective January 1, 2003, such declaration of estimated tax to be paid the City of Hubbard by taxpayers who are individuals shall be accompanied by a payment of at least one-fourth (1/4) of 90% of the estimated annual tax and at least a similar amount shall be paid on or before July 31st and October 31st of the taxable year, and January 31st of following year. Provided, however, that in case an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.

(2) Effective January 1, 2003, such declaration of estimated tax to be paid to the City of Hubbard by corporations and associations shall be accompanied by a payment of at least one-fourth of 90% of the estimated annual tax and at least a similar amount shall be paid on or before June 15th, September 15th and December 15th. In the case of a fiscal year taxpayer the second, third, and fourth quarterly estimated payments shall be due on the fifteenth day of the sixth, ninth, and twelfth months of the taxable year, respectively.

(c) Those taxpayers reporting on a fiscal year basis must file and pay the annual declarations of estimated tax and the annual return and tax due thereon using the corresponding calendar quarter of the fiscal year.

(d) If a taxpayer's total quarterly estimated payments do not equal at least ninety percent of the total tax liability as established on the taxpayer's annual tax return or if the taxpayer's total quarterly estimated payments do not equal the taxpayer's tax liability for the preceding year, provided that such preceding year's liability was not zero, interest and penalty shall be assessed at the following rates and in the following manner:

(1) The taxpayer's annual tax liability as established on the taxpayer's annual return will be divided by four to determine the amount of tax which should have been paid quarterly on an estimated basis. The difference between the amount of tax which should have been paid quarterly on an estimated basis and the amount of tax actually paid quarterly on a estimated basis shall be subject to penalty of one percent per month or fraction thereof and interest of one percent per month from the due date of each quarterly installment to the date the annual return is due or the tax paid thereon, whichever is earlier.

(2) The Tax Administrator may waive imposition of penalty and/or interest on underpayments of estimated tax for good cause shown under guidelines established by the Board of Appeal.

(3) No penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the City of Hubbard on the first day of January in the year in which they became subject to estimated payments, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to one hundred percent of the previous year's tax liability, provided that the previous year reflected a twelve-month period.

(Ord. 25-03. Passed 10-20-03.)